Transfrom Tool Bounding Box

The transform tool draws a bounding box around an object relative to the stage (global). Is there a way display the a bounding box relative to the object (local)?

For example, I drew a rectangle and set the pivot point to one side. (fig. 01)

Using the transform tool, I rotated at a 45° angle. (fig. 02)

As long as I do not de-select the drawing, I can continue applying transforms to the original bounding box.

If I do anything to de-select the drawing, the next time I select it with the transform tool, a new bounding box is drawn around it which is “square” to the stage (global space). (fig. 03)

Any scaling done to the drawing at this point will introduce distortion. e.g. https://speedtest.vet/ I cannot scale in local X and Y to squash and stretch the rectangle. All transforms are global, so scaling in X and Y will also skew the rectangle, which will require counter-animating the skew value to correct for distortion.

I tried parenting the rectangle to a Peg and applying the rotation to the peg only https://vidmate.bid/, thinking that maybe it would preserve the scale bounding box local to the rectangle, but it did not.

Is there a feature or method that I am overlooking?